Sale Of Primary Residence And Loan Mod On Rental That We Will Eventually Move Into

[workout]

This site has been of great help and we are very grateful to the founder and all contributors.

We are currently living in a home we purchased in 2006 for $870,000 refinanced with Wells into 1st of $817k and a 2nd with WFB for $100k in 2007. We moved from a home that we subsequently rented (we could not sell ) for $4500 per month and the PITI is $6300 per month. We have exhausted through savings and need to reduce our overhead and are planning to sell our current residence (current market value is $850,000) and move into our rental since the home is finished and won't need the $400,000 worth of improvements that our current residence needs.

Our plan is to sell our home and then move into the rental in March, In Marin County, CA values have corrected by 15-20%. Sell our primary possibly short and do a loan mod on the rental ( Wamu has a first of $945k @ 5.125% and Chase a HELOC for $200k @ 5.5%). I have submitted a package with Wamu 2 days ago-sent FedEx and show a deficit of $750 per month and ultimately want a modification to 3% on the Wamu first or better-if possible. I have not made a payment to Wamu or Chase this month due to cashflow and can't pay on our Wells 1st and 2nd for January.

Should I try to modify the Chase HELOC as well?

Any input on how to proceed and what to look out for willbe most appreciated.

[Moe Bedard]

Hi workout,

Welcome to the forum and thank you for joining..............

You can contact Chase to see what options there are on the HELOC as well.............
try calling the number from your statement as a different dept. takes care of HELOCs
The modifications given are up to the investors on the loans so you would need to see what option they will have for you. Follow up with WaMu and make sure that they received everything o.k. and if there is anything else they need for a modification and from there call at least two times per week for updates.

[workout]

Thanks *** will do

[workout]

spoke with Wamu- received package on 12/29 and getting collection calls for December's payment- told them that we are working on it and they said I should call 2-3 times per week to check that a negotiator has been assigned.

Any thoughts?

Thanks

[Moe Bedard]

that sounds about right for the modification process............just make sure that you follow up...........and be prepared because it will take a while and it is a very daunting process...........the squeeky wheel gets the grease.

[workout]

called Chase and they said I have to make a payment on the HELOC- keep current to get a mod- is that the case?

[Moe Bedard]

it may be what the investor requires..........

[workout]

just an update- got a call from Wamu asking for a payment- haven't made one since November 2008 and they said they needed more information- original loan form and 4 months bank statements for us and our business- what was interesting was that on 1/20 when they asked for more documents that we subsequently provided an original loan form was not one of them. Since that time certain things have changed since 12/27 when we first submitted the loan form so should we send them the original form that was signed and dated 12/27 or do a new one now. The Wamu contact was not specific and this seems to be the last request for the file to be ready.

We made a payment on our HELOC with Chase and are going to work with them to fix the current payment for 3 years- which will help. Still need to prep the file for Chase.

Any input is most appreciated and thank you once again.

[workout]

Also- I have been reading some more of the posts and should I be calling the executive team to get this done - I would need a number- thus far have been calling 866-926-8937 and noticed that we originally faxed and sent docs to Jacksonville and now they are only requesting docs be faxed to 206-494-4666.

[Moe Bedard]

You can try them to see what can be done.........
1-800-225-5497

[workout]

hi ***- loan is 5 payments past due and spoke with wamu- 866-926-8937 today- loan is under review with negotiator janice altman and they are using cal reconveyeance to proceed with foreclosure- nod was mailed last week not recorded yet- we really want to get this done any recommendations to speed up this- was told 38 dasy on avg. to get a modification.

thanks in advance.

Larry

[Moe Bedard]

I posted the number to the executive team above............that is about as escalated as you can get with WaMu.

[workout]

thanks ***- i called the number in the interim and spoke with someone in houston that gave me a new point of contact for our loan mod named melanly welch in south carolina- gave me her direct line- no toll number and will follow with her- this is a differet person than was communicated to me earlier- left her a message and will go form here- agian thanks.